xii, 195 pages ; 24 cm

Includes bibliographical references and indexes

What Happened? -- What Hath Keynes Wrought? -- The Political Economy -- A Review of the Record -- The Theory of Public Choice -- Fiscal and Monetary Reform -- The Old-Time Fiscal Religion -- Classical Fiscal Principle -- Fiscal Practice in Pre-Keynesian Times -- Balanced Budgets, Debt Burdens, and Fiscal Responsibility -- Fiscal Principles and Keynesian Economic Theory -- The Fiscal Constitution -- First, the Academic Scribblers -- "Classical Economics," a Construction in Straw? -- The Birth of Macroeconomics -- The New Role for the State -- The Scorn for Budget Balance -- The New Precepts for Fiscal Policy -- Budget Deficits, Public Debt, and Money Creation -- The Dreams of Camelot -- The Spread of the New Gospel -- Passive Imbalance -- Built-in Flexibility -- Hypothetical Budget Balance -- Monetary Policy and Inflation -- The Rhetoric and the Reality of the Fifties -- Fiscal Drag -- The Reluctant Politician -- Political Keynesianism: The Tax Cut of 1964 -- Economists, Politicians, and the Public -- Functional Finance and Hypothetical Budget Balance -- Assessing the Damages -- The Summary Record -- Budget Deficits, Monetary Institutions, and Inflation -- Inflation: Anticipated and Unanticipated -- Why Worry about Inflation? -- Inflation, Budget Deficits, and Capital Investment -- The Bloated Public Sector -- International Consequences -- Tragedy, Not Triumph -- What Went Wrong? -- The Presuppositions of Harvey Road -- The Presuppositions of Harvey Road -- The Economic Environment of the "General Theory" -- Strings Can Be Pulled -- The Great Phillips Trade-off -- Post-Keynes, Post-Phillips -- Reform through National Economic Planning -- Keynesian Economics in Democratic Politics -- Budgetary Management in an Unstable Economy -- Taxing, Spending, and Political Competition -- Unbalanced Budgets, Democratic Politics, and Keynesian Biases -- Deficit Finance and Public Sector Bias -- Money-Financed Deficits and Political Democracy -- Budget Deficits Financed by Money Creation -- Benevolent and Independent Monetary Authority -- The Political Environment of Monetary Policy -- The American Political Economy, 1976 and Beyond -- Institutional Constraints and Political Choice -- The Public Economy and the Private -- Fiscal Perception and Tax Institutions -- Debt-Financed Budget Deficits -- Money-Financed Budget Deficits -- Institutions Matter -- What Can Be Done? -- Alternative Budgetary Rules -- Budget Balance over the Cycle -- Built-in Flexibility -- Budget Balance at Full Employment -- The Budget Reform Act of 1974 -- Short-Term Politics for Long-Term Objectives -- What about Full Employment? -- Current Unemployment and the Quandary of Policy -- The Keynesian Theory of Employment -- The Inflation-Unemployment Trade-off -- The Inflation-Unemployment Spiral -- Biting the Bullet -- So, What about Full Employment? -- A Return to Fiscal Principle -- The Thrill Is Gone -- The Case for Constitutional Norms -- The Case for Budget Balance -- Fiscal Decisions under Budget Balance -- Tax Rates and Spending Rates as Residual Budget Adjustors -- A Specific Proposal -- Debt Retirement and Budget Surplus

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